Exercise 19-3 Income reporting under absorption costing and variable costing LO P2 Sims Company, a manufacturer of tablet computers, began operations on January 1 2019. Its cost and sales information for this year follows Manufacturing costs Direct materials Direct labor Ovechead costs Variable Fixed Selling and administrative costs for the year Variable Faxed Production and sales for the year Units produced Units sold Sales price per unit $ 35 per unit $ 55 per unit $ 40 per unit $6,000,000 (per year) $750,000 $4,250,000 100,000 units 70,000 units 368 per unit $ 1. Prepare an income statement for the year using variable costing 2. Prepare an income statement for the year using absorption costing UW. Required 1 Required 2 Prepare an income statement for the year using variable costing. SIMS COMPANY Variable Costing Income Statement 59:15 K Net income (loss) Required 2 > ezto.mhed Saved 5 Ch 19 Homework i competens questol vy Enemy your diSWEIS R Laus Verw. 1 Required 1 Required 2 Prepare an income statement for the year using absorption costing. SIMS COMPANY Absorption Costing Income Statement 01:39:03 Book Ask Net income (loss)